Sprott Asset Management USA Inc.


Aureus - New Liberty, N Liberia - Apr 2013

Andrew Jackson visited Aureus’s New Liberty property in N Liberia on April 19/20, 2013.  Access to the property is via paved road from Monrovia to within 20 km of site, and then by gravel road with upgrading of drainage crossings underway.  The drive from Monrovia took ~2 hours. 

Aureus holds 100% of 2 Exploration licenses, the larger of which is 457 km2.   New Liberty is an advanced stage project with a PFS completed in Oct 2012 and is covered by a Mining License.  A DFS is currently underway and expected to be completed in July 2013.  Preliminary construction has begun (a diversion channel for the river is well underway and the mill has been ordered).

Unlike most of the West African deposits, New Liberty is in Archean rocks, not Birimian. Metamorphic grade is high (upper amphibolite) and the New Liberty mineralization is hosted by ductile sulphidic shears in an ultramafic intrusion; it stands out clearly on the regional magnetic survey.  The shear zones (there are 2 or 3 of them) dip at 45-75 degrees to the S and vary from 5m to 25m in width.  Artisanal miners discovered the mineralization and continue minor operations today.  The deposit is planned to be mined by open pit and the stripping ratio will be high. Fortunately this is offset by the high grade.

The reserves and resources are:

  • Proven + Probable Reserve     8.6 Mt @ 3.27 g/t      0.91 Moz
  • Measured Indicated Inferred 15.5 Mt @ 3.48g/t       1.74 Moz 
    (includes the reserve)

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